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Post by Badly Drawn Stickman on Sept 2, 2021 16:42:41 GMT
I have enough reds for a maximum break but seem totally incapable of potting a blue.
Are we still blaming the bank?
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Sept 2, 2021 16:49:52 GMT
When I read "The Borrower has informed us that they have experienced an issue at the bank..." in the admin note, I thought - I do hope the banks issue isn't that there is no money in the account ?
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Post by webbski9 on Sept 3, 2021 6:59:48 GMT
Why, when Ablrate accept a new loan application , do they not insist on having a Direct Debit put in place to collect repayments ?
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blender
Member of DD Central
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Post by blender on Sept 3, 2021 8:44:41 GMT
That would have been the most amusing thing I've ever read on these forums, were it not the case that it's more than likely to be close to the truth and there's many hundreds of thousands of pounds at stake. I am expecting at least one critic of my post, but as far as I am concerned the admin note was a ridiculous meaningless excuse. They need to get into the real world & stop treating us with contempt. So as not to disappoint you, Criston. I just cannot believe that our worthy borrower would blame the bank if the bank had rightly said 'insufficient cleared funds' , or if the trouble with the bank was with the instructions given, or lack of instructions. No, no, no, they must be using the Bank of Toytown - no direct debit facilities - or some other bank or building society not up to the job. I expect, considering that the bank has now failed for a further un-anticipated day, that our trusty borrower will explain further and will name and shame the bank. If not, that might look like a confirmation of your post.
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n
Member of DD Central
Yet another Nick
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Post by n on Sept 3, 2021 9:40:11 GMT
Why, when Ablrate accept a new loan application , do they not insist on having a Direct Debit put in place to collect repayments ? I seem to recall that some time ago when asked that question Ablrate replied that the amounts are too high for Direct Debits and that Standing Orders are the only possible automated payment method.
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Post by overthehill on Sept 3, 2021 10:01:16 GMT
Why, when Ablrate accept a new loan application , do they not insist on having a Direct Debit put in place to collect repayments ?
We're getting a good rate of return from these types of loans. I'm not condoning their actions but DDebit is not great for tight cashflow and I'd rather the borrower delayed the payment a few days than hand over penalties to the bank, suppose it depends what arrangement they have.
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blender
Member of DD Central
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Post by blender on Sept 3, 2021 10:08:34 GMT
Why, when Ablrate accept a new loan application , do they not insist on having a Direct Debit put in place to collect repayments ?
We're getting a good rate of return from these types of loans. I'm not condoning their actions but DDebit is not great for tight cashflow and I'd rather the borrower delayed the payment a few days than hand over penalties to the bank, suppose it depends what arrangement they have.
But they drew down £500k on Friday! Direct debit or standing order or bank transfer is not an issue here. Either criston or the borrower is taking the p. Possibly both.
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Balder
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Post by Balder on Sept 3, 2021 10:26:59 GMT
was this the same borrower who had the bank problems before - something about a non connected company being closed that caused the bank to freeze all payments?
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brush
Member of DD Central
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Post by brush on Sept 3, 2021 11:01:09 GMT
Car loans from t`North Balder.
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blender
Member of DD Central
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Post by blender on Sept 3, 2021 11:47:06 GMT
Car loans from t`North Balder. That's right, but they are down south - not as far south as the big smoke.
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 221
Likes: 313
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Post by GreenZero on Sept 3, 2021 16:23:04 GMT
We're getting a good rate of return from these types of loans. I'm not condoning their actions but DDebit is not great for tight cashflow and I'd rather the borrower delayed the payment a few days than hand over penalties to the bank, suppose it depends what arrangement they have.
But they drew down £500k on Friday! Direct debit or standing order or bank transfer is not an issue here. Either criston or the borrower is taking the p. Possibly both. Well, the weekend is upon us and it seems FP haven’t been able to resolve their banking issue. I say seem as there has been no further communication, which I think is pretty poor, especially as this borrower features in a large number of loans on the platform. Whilst there has been a good rate of return on these loans, I just hope it isn’t reliant on needing "Peter" to repay "Paul".
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Post by Badly Drawn Stickman on Sept 4, 2021 19:37:51 GMT
ablrate , you are known to be regular viewers & it is shameful you cannot provide us with a respectful Admin note.
To be continued until you do treat investors with respect.Trust pilot reviews always get a response from them, often quite involved if mildly negative (I was curious as to when he had last signed in and decided to check out his links in the profile). Curiously the last one seems to have a referral link (I was not aware of anything currently), rather surprised neither trust pilot or Ablrate have not had that removed.
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Post by Badly Drawn Stickman on Sept 5, 2021 7:06:51 GMT
155 is a different borrower, though the same ultimate control. I think we are seeing the different, but linked, borrowers/companies doing their own thing in managing their Ablrate relationships, rather than having a single overall or co-ordinated relationship. The linked borrowers have always traded on the good record of repayments of loans across the group, and this has helped confidence overall. Not for much longer. I had not read the Trust Pilot reviews before. I would think that the replies are from a marketing person. Sometimes the replies are more negative that the reviews (we do have delinquent borrowers). Overall I would not disagree with the positivity of the reviews - though Ablrate should not let things slip. 'Dave' should be making those phone calls. I must admit I am not entirely convinced trust pilot is even close to being a credible source of unbiased views. Unlike a twitter feed where you can totally depend on somebody ranting at a certain airline for not treating him like a king after paying for business class. Given it is just a 'banking issue' I fail to see what all the fuss is about.
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Post by webbski9 on Sept 6, 2021 12:31:55 GMT
Have emailed Emma for an update .Will share when I have an answer
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Post by Badly Drawn Stickman on Sept 6, 2021 17:37:25 GMT
Have emailed Emma for an update .Will share when I have an answer What is the etiquette here. Do we now whinge at webbski9 for the lack of update?
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